Law on the amendment of the annual accounting law 1)

(Liability of thresholds for the accounting classes and changes to the auditor ' s duties in relation to the management report, etc.)

We, by God's grace, the Queen of the Danes, do our thing.

The parliament has adopted the following law, and we know that the following law has been approved by Parliament's consent :

§ 1

In the annual accounting law, cf. Law Order no. 647 of 15. June 2006, as amended by Section 5 of Act 5. 108 of 7. February 2007, the following changes are made :

1. The footnote to the title of the law. ITREAS :

" 1) The law provides for the implementation of parts of Council Directive 1977 /91/EEC of 13. In December 1976, with regard to the foundation of the limited liability company and the maintenance of and changes to its capital, the Community ' s capital, On 26, page 1, as last amended by Council Directive 1992 /101/EEC of 23. 'November 1992,' (EC Official Journal # In 347, page 64), parts of Council Directive 1978 /660/EEC of 25. July 1978 on the annual accounts of certain types of company, (Official Journal of the Official Journal of the European Communities), In 222, page 11, as last amended by Council Directive 2006 /99/EC of 20. November 2006, (EU-Official Journal of the European Journal. In paragraph 363, page 137), parts of Council Directive 1978 /855/EEC of 9. October 1978 on mergers of limited liability companies, (EC Official Journal, 1978) In 295, page 36), parts of Council Directive 1982 /891/EEC of 17. December 1982 on the division of public limited liability companies (Official Journal of the Official Journal of the European Communities) L 378, page 47), parts of Council Directive 1983 /349/EEC of 13. June 1983 on consolidated accounts, (EC Official Journal, no. In 193, page 1, as last amended by Council Directive 2006 /99/EC of 20. November 2006, (EU-Official Journal of the European Journal. In the case of paragraph 363, page 137, parts of Council Directive 1989 /666/EEC of 21. December 1989 on the public in respect of branches established in a Member State of certain types of companies falling under the rule of law of another state, (EC Official Journal 1989 no. In 395, page 36), parts of the European Parliament and Council Directive 2004 /25/EC of 21. April 2004 on takeover bids, (EU Official Journal 2004) In 142, page 12, parts of Directive 2004 /109/EC of the European Parliament and of the Council of 15. In December 2004 on the harmonisation of transparency requirements for information on issuers whose securities are included in trade in a regulated market and amending Directive 2001 /34/EC (EU-begging 2004). In 390, page 38) (the Transparency Directive) and parts of Directive 2006 /43/EC of the European Parliament and of the Council of 17. May 2006 on statutory audits of annual accounts and consolidated accounts, amending Council Directive 1978 /660/EEC and repealing Council Directive 1984 /253/EEC (EU Official Journal of the European Official Journal of the European Official Journal (EU Official Journal). L 157, page 87) '

2. Section 4 (4). 1, no. 1 and 2, ITREAS :

" 1) A balancing sum of seven million. kr.,

2) a net turnover of 14 million. DKK and "

3. I Section 7 (2). 1, no. 4, ' establishments whose capital shares, debt instruments or other securities are included in the listing or trade in a stock exchange, an approved market place or equivalent regulated market (in this Act as listed as 'children's listed goods'), ' (es) ` shall be replaced by " undertakings with capital shares, debt instruments or other securities admitted to trade in a regulated market '.

4. Section 7 (2). 2, no. 1, subparagraphs a and b, ITREAS :

(a) A balancing sum of $36 million. kr.,

b) a net turnover of EUR 72 million ; DKK and "

5. Section 7 (2). 2, no. 2, subparagraphs a and b, ITREAS :

(a) A balancing sum of 143 million. kr.,

b) a net turnover of 286 million. DKK and "

6. Section 9 (1). 1, no. 2, ITREAS :

" 2) whether the annual accounts and any group accounts provide a true image of the assets and liabilities, financial position and the result of the company and the group ' s assets and liabilities. ` ;

7. I § 9 inserted after paragraph 1. 1 as new slices :

" Stop. 2. In the management drawing of undertakings which have securities admitted to trade in a regulated market in an EU/EEA country, and for public limited liability companies, the Management Board shall state whether the management report contains a true declaration of the management of the management board ; the development of the establishment and, where the group accounts, the activities and the economic conditions of the group, the result of the year, the financial position of the year and the financial position of the undertaking and the financial position as a whole for the undertakings which are subject to : The corporate accounts. The Management Committee must also state whether or not the management report contains a description of the principal risks and uncertainty factors that the company and, if the group accounts have been drawn up, the group will be in the face. In the management drawing of these undertakings, the name and operation of the individual members of the management bodies shall be given in the management of the undertaking.

Paragraph 3. The provision in paragraph 1 shall be 2 shall not apply to undertakings which are issuing only debt instruments which are engaged in trade in a regulated market in an EU/EEA country, and whose obedient value per the unit shall constitute at least EUR 50 000 or the denunciating value per unit ; The issue of the day of issue corresponds to at least EUR 50 000 when the debt instruments have been issued in a currency other than the euro. ` ;

8. I Section 9 (1). 2, there will be paragraph 1. 4, and § 10 a the words ' annual report ` shall be replaced by the following : ' annual accounts '.

9. I Section 9 (1). 3, there will be paragraph 1. 5, and in Section 14, paragraph 14. ONE, ONE. pkt., the words ' a true image ' shall be replaced by ' a true declaration `.

10. Section 11 (1). 1, ITREAS :

' The balance sheet and any group accounts shall give a true image of the assets and liabilities, financial position of the company and the group, as well as the result. The Management Report shall provide a true explanation of the facts referred to in the report. ` ;

11. I Section 11 (1). 2, the ' annual report ` shall be replaced by the following : ' annual accounts, respectively '.

12. I Section 11 (1). THREE, ONE. pkt., inserted after ' paragraph ONE, ONE. Pkton, ".

13. § 12, paragraph 1. 1, ITREAS :

' In order to provide a true assessment of the annual accounts and the group accounts, the management report may contain a true and fair statement, cf. Section 11 is to rule in paragraph 1. 2 and 3 are fulfilled. "

14. I Section 15 (3). FOUR, TWO. Pkt., section 159, paragraph. ONE, ONE. and 3. pkt., and § 159 a, paragraph. ONE, ONE. pkt., the ' listed companies ' shall be replaced by ' companies with securities admitted to trade in a regulated market in an EU/EEA country `.

15. I § 18 are deleted ; paragraph ONE, ONE. pkt., " cf. however, paragraph 1 2, ", and paragraph 2 revoked.

16. § 38, paragraph. 5, revoked.

17. I § 43 a, paragraph. FIVE, ONE. pkt., the ' accounting year ` shall be replaced by ' the total `.

18. § 43 a, paragraph. FIVE, TWO. and 3. pkt., revoked.

19. I § 52, paragraph. 2, the ' annual report ' shall be replaced by ' the annual accounts '.

20. I Section 53 (3). 2, no. 1, the following point shall be added to point (a) :

' (b) For investment assets and biological assets measured to daily value after paragraph 38, the preconditions for the selected calculation method must be reported. `

21. § 68 revoked.

22. Section 78 (1). ONE, TWO. pkt., and ~ 102, paragraph 1) ONE, TWO. pkt., ITREAS :

' When an annual accounts and any group accounts have been reviewed, the audit shall be included in the annual report in accordance with the annual report, cf. § 135, paragraph 1. One and five. "

23. I § 83, 1. pkt., ' The company ' shall be replaced by : ' large enterprises '.

24. § 90 revoked.

25. The heading for § 94 ITREAS :

"Eventualobligations, etc."

26. After paragraph 94, the caption of the caption is inserted after the heading :

" § 94 a. The company must provide information on arrangements that are not included in the balance, including the use of undertakings or activities for a special economic, legal, fiscal or accounting purpose, where information is necessary for this purpose ; the assessment of the undertaking ' s financial position.

Paragraph 2. The information provided in paragraph 1 1 shall include the nature of and business objectives with the arrangements. Large enterprises must also provide information on the risks and benefits associated with the arrangements and the financial impact thereof. '

27. § 96, paragraph. TWO, TWO. pkt., ITREAS :

' Information must be specified in fees for statutory audits of the annual accounts, the fees for other declarations of order, with a guarantee, fee for tax advice and fee for other benefits. ` ;

28. I § 96 pasted as paragraph 3 :

" Stop. 3. A company may fail to provide the information provided for in paragraph 1. 2 if the company ' s accounts at full consolidation are included in a group account that provides information for the group as a whole, and the group accounts are produced by a parent undertaking governed by the legislation of an EU/EEA country. `

29. § 98 a ITREAS :

" § 98 a. The average number of employees in the accounting year must be specified.

Paragraph 2. The company ' s personnel costs must be specified in wages, pensions and other social security costs, unless this is stated in the profit and loss account.

Paragraph 3. The corresponding information and amounts, cf. paragraph ' 1 and 2 for the preceding financial year shall be indicated. `

30. ~ 98 (c) (c) 1 and 2, is hereby repealed and the following shall be inserted :

" The company must provide information on transactions with close quarters, cf. paragraph 2 if the transactions are not concluded under normal market conditions. The information shall include the amount of such transactions, the nature of the relationship with the immediate party and other information about the transactions necessary to understand the financial position of the undertaking.

Paragraph 2. The following parties are defined in accordance with the definition of the International Accounting Standard IAS 24, as adopted by the Commission in accordance with the Regulation of the European Parliament and of the Council on the application of international law ; accounting standards, together with subsequent amendments to the definition, adopted by the Commission in accordance with the said Regulation.

Paragraph 3. The people in paragraph 3. 1 information may be omitted if the transactions have been entered between the undertaking and one or more of the company ' s hel-owned subsidiaries.

Paragraph 4. Information on individual transactions in accordance with paragraph 1. 1 may be grouped according to their character, unless separate information is necessary to understand the effects of transactions with close quarters for the undertaking ' s financial position. ` ;

31. I ~ 102, paragraph 1) ONE, ONE. pkt., the words ', cf. paragraph 3 ".

32. I ~ 102, paragraph 1) ONE, THREE. pkt., is "§ § 79-101" to : " § § 79-95, section 96, paragraph 1 and 2, section 97-101 ", and in 4.-6. Act. "§ § 79-101" four points to : " § § 79-95, section 96, paragraph One and two, and section 97-101.

33. ~ 102, paragraph 1) 3 and 4, revoked.

34. I § 107 a, paragraph ONE, ONE. pkt., are deleted ' listed, and in : paragraph ONE, ONE. pkt., and paragraph 1, no. 1 (b) the ' preoccupation of listing or trade on a stock exchange, an approved market place or a corresponding regulated market ` shall be replaced by : 'Buses for trade in a regulated market'.

35. After section 107 a is inserted before heading "Special rules for state limited liability companies" :

" § 107 b. A company which has securities admitted to trade in a regulated market in an EU/EEA country must include a company management statement covering the following :

Paragraph 2. A company which is subject to paragraph 1. 1 and which alone have securities other than shares admitted to trade in a regulated market in a EU/EEA country, shall not give the products listed in paragraph 1. 1, no. The information referred to shall be 1-5 and 7, unless the company concerned shares shares in a multilateral trading facility in an EU/EEA country. 1. Act. does not apply to governmental limited liability companies.

Paragraph 3. The decision to be taken pursuant to paragraph 1 1 shall be given in the context of the information referred to in Section 107 of the Management Report, cf. however, paragraph 1 4.

Paragraph 4. The Management Board may decide that the statement pursuant to paragraph 1 shall be that of the Commission. 1 shall not be included in the management report, if the management report contains a reference to the company's website, where the statement has been published. The Management Board shall lay down detailed rules on this subject, including the updating of the information on the website and the auditors ' duties in relation to the information published on the website.

§ 107 c. Government limited liability companies which do not have securities admitted to trading in a regulated market in a EU/EEA country must include a statement of business management which includes the following :

Paragraph 2. § 107 b, paragraph. 1, no. 6 and 7 shall apply mutatis mueses to government limited liability companies which do not have securities admitted to trade in a regulated market in an EU/EEA country. In addition, section 107 b (b) is found. 4, apply to these companies.

Paragraph 3. Is it a subsidiary company that does not have securities admitted to trade in a regulated market in an EU/ES country, the company may not give the products referred to in paragraph 1. Paragraph 1 and paragraph. TWO, ONE. pkt., stated information. "

36. I § 108 in the case of ' companies whose shares or bonds are concerned with listing on a stock exchange ' to ' companies which have securities admitted to trading in a regulated market in an EU/EEA country `.

37. I Article 109 (1). TWO, ONE. pkt., the words ' (state limited liability companies and listed companies) ` shall be deleted ;

38. I Article 109 (1). TWO, TWO. pkt., the ' parent undertakings listed ' are replaced by ' parent undertakings with securities admitted to trade in a regulated market in an EU/EEA country `.

39. § 110, paragraph. 1, no. 1 and 2, ITREAS :

" 1) A balancing sum of $36 million. kr.,

2) a net turnover of EUR 72 million ; DKK and "

40. § 126, paragraph 1. 1, no. 1 and 2, ITREAS :

" 1) Information on eventualobligations, etc., cf. ~ ~ ~ ~ 64, 94 and 94 a ~

2) indication of the presence of immediate parties, etc., cf. § 71, § 98 a and § 98 c (3) (c) 1, 2 and 4, "

41. § 128, paragraph. 2, is hereby repealed and the following shall be inserted :

Paragraph 3. The first time a parent company has failed to pay the group accounts after paragraph 110-112, accounting for group accounts, regardless of the provision in section 101 (1). 1, no. 2, do not show comparison figures for 2. -4. previous financial year. `

42. I § 128, paragraph. 3, there will be paragraph 1. 4, insert as 2. and Three. Point. :

" The information provided for section 107 b for the parent company and after section 107 b (b). 1, no. 6, for the group shall be given together. 1. Act. shall apply mutatis muctis to governmental limited liability companies, cf. § 107 c. "

43. The heading for Title VII ITREAS :

"Annual reports for public limited companies and undertakings which have securities admitted to trade in a regulated market in an EU/EEA country"

44. The heading for Chapter 16 a ITREAS :

' Preparation of the sub-annual report for undertakings which have securities admitted to trade in a regulated market in an EU/EEA country ` ;

45. I § 134 a, paragraph. ONE, ONE. pkt., changes ' listed companies falling within the accounting class D ` shall be replaced by ' establishments covered by the accounting class D, which has securities admitted to trade in a regulated market in an EU/EEA country `.

46. § 134 a, paragraph. 2, ITREAS :

" Stop. 2. It may also provide for partial annual reports which are drawn up by companies covered by the accounting class A, which has securities admitted to trading in a regulated market in an EU/EEA country. `

47. I § 134 a, paragraph. 3, is replaced by ' registered or trading on a stock exchange, an approved market place or equivalent regulated markets 'to :' Busy for trade in a regulated market '.

48. § 135, paragraph 1. ONE, ONE. pkt., ITREAS :

' A undertaking which is obliged to prepare an annual report according to the rules of accounting class B, C or D shall be subject to its annual accounts and any accounting records to review one or more accountants in accordance with the rules of the accounts. Two. Pct. "

49. I § 135, paragraph 1. ONE, TWO. pkt., the words ' annual report ` shall be replaced by the following : ' annual accounts '.

50. I § 135, paragraph 1. 2, and two places in § 164 (4) TWO, ONE. pkt., the ' annual report ` shall be replaced by the following : ' annual accounts and any group accounting records `.

51. § 135, paragraph 1. 5.1. pkt., is hereby repealed and the following shall be inserted :

' The obligation to be subject to the requirements of paragraph 1 ONE, ONE. PC, does not include the management report and the additional reports that are included in the annual report, cf. Section 2 (2). The auditor shall, however, give an opinion on whether or not the information in the Management Report complies with the annual accounts and any group accounting. ` ;

52. I § 135, paragraph 1. SIX, TWO. pkt., and paragraph SEVEN, TWO. pkt., the words ' annual report ` shall be replaced by the following : ' annual accounts ', and in paragraph 1 -SIX, THREE. pkt., the words ' annual accounts ' shall be replaced by ' annual accounts '.

53. § 135 A (3) 1, ITREAS :

' State authorised or registered auditors shall be subject to a review of annual accounts and group accounts, which are subject to the obligation to audit in section 135 (5). ONE, ONE. pkt., and give an opinion on the management report, cf. § 135, paragraph 1. FIVE, TWO. Act. The provision in 1. Act. shall apply mutatis muted to a company which is exempt from the obligation to audit in accordance with section 135 (5). ONE, TWO. PC, choose to allow an auditor to modify or choose to allow an auditor to perform other work, which will result in a declaration of the annual report. ` ;

54. Section 137, paragraph 1. 1-3, ITREAS :

" Companies that are not obliged to apply international accounting standards, cf. The Regulation of the European Parliament and of the Council on the application of international accounting standards may voluntarily choose to draw up annual accounts or group accounts according to the standards mentioned, cf. however, paragraph 1 2.

Paragraph 2. However, undertakings which have securities admitted to trading in a regulated market in an EU/EEA country, and which are alone to draw up accounts, have a duty to apply the provisions of paragraph 1. Paragraph 1 shall be mentioned in the annual accounts.

Paragraph 3. Companies which, in accordance with paragraph 1, Paragraph 1 or 2 shall follow the following paragraphs : The standards referred to above shall be followed by all approved standards. Where provisions of this law govern the same conditions as the standards, these companies must apply the standards rather than the provisions of the law. `

55. I § 138, paragraph 1. TWO, ONE. pkt., is inserted after ' § 135, paragraph 1 1 ":" and 5 ".

56. § 141, paragraph 1. TWO, THREE. pkt., ITREAS :

' Annual accounts and any group accounts contained in the accounts referred to in 1. Act. I mentioned annual reports, and the second one in two. Act. the said open balance must be revised if the undertaking is subject to the obligation to audit, cf. § 135, paragraph 1. ONE, ONE. Pct. "

57. § 141, paragraph 1. TWO, FOUR. pkt., in section 9 (4), 2, ' to : section 9 (4). FOUR, "

58. The heading for § 148 a ITREAS :

' Submission report of undertakings which have securities admitted to trade in a regulated market in an EU/EEA country ` ;

59. I § 148 a, 1. pkt., the mid-year reports of the listed companies shall be replaced by : ' semi-annual reports for undertakings which have securities admitted to trading in a regulated market in an EU/EEA country `.

60. I section 156 (4). THREE, ONE. pkt., the ' listed company ' shall be replaced by : ' an undertaking which has securities admitted to trade in a regulated market in an EU/EEA country `.

61. Section 157, paragraph 1. 2-4, is hereby repealed and the following shall be inserted :

" Stop. 2. Whereas the Management Board may lay down rules governing the languages of undertakings which have securities admitted to trading in a regulated market in a EU/EEA country, submit annual reports and partial annual reports and other documents covered by the Community ; This bill, for the Corporate and Corporate Management Board. "

62. The heading for § 159 a ITREAS :

' Fund ' s control of annual reports and partial annual reports for undertakings which have securities admitted to trade in a regulated market in an EU/EEA country ` ;

63. I § 159 a, paragraph. 2, in the accounts class D, replaced by the accounting class D, which has securities admitted to trading in a regulated market in an EU/EEA country, `.

64. § 159 a, paragraph. 3, ITREAS :

" Stop. 3. The Council ' s control shall also include annual reports and sub-annual reports drawn up by companies covered by accounting class A, which has securities admitted to trading in a regulated market in an EU/EEA country when the annual report or partial report does not apply ; are used exclusively for the business ' s own use, cf. Section 3, paragraph 3. TWO. "

65. § 159 a, paragraph. 6, is hereby repealed and the following shall be inserted :

" Stop. 6. If a company that has securities admitted to trade in a regulated market in an EU/EEA country does not comply with its obligations under this law, the Fund may give the undertaking concerned to change the relationship, including the opening of the contract ; publish modified or additional information. If it is appropriate, the Fund Council itself shall be able to publish the information in question or to publish the supply. The Fund may also suspend or delete the relevant transferable securities from the admission to trade in a regulated market here in the country. Avoid the establishment of an opening after 1. ., may the company ' s management board, board of directors or similar responsible body of the Fund shall be subject to daily or weekly periodic periodic penalty payments.

Paragraph 7. The fines which belong to the treasury may be recovered by the constant collection authority by means of panning and in accordance with the rules for the recovery of personal taxes in the source tax law.

Paragraph 8. The recovery authority may comply with the requirements laid down in paragraph 1. Six in accordance with the rules of the levying law. `

66. I § 164 (4) ONE, ONE. pkt., in section 137 (4), 1 and 3, "to :".. Two and three, "

67. I § 164 (4) ONE, TWO. pkt., in section 137 (4), Two, to : section 137, paragraph 1. 1, "

68. I § 164 (4) 6, the ' imposition ' shall be replaced by ' injuns `.

69. I Annex 1, A, undeleted no. 4.

70. I Annex 2, 1. Balance of balance in the balance of accounts (accounting class B, C and D), PASSIVER, EGENCHITAL, IV. Other reserves are deleted ; no. 3 and 4.

71. I Annex 2, 2. Schematic for balance in the preparation form (accounting class B, C and D), EGENCHITAL, IV. Other reserves are deleted ; no. 3 and 4.

§ 2

Paragraph 1. The law shall enter into force on 1. September 2008 and shall take effect for the financial years beginning on 1. September 2008 or later, cf. however, paragraph 1 Two and three.

Paragraph 2. Notwithstanding paragraph 1 1 may use the provisions of this legislation for a financial year which have started before the 1 year. September 2008, except for the changes in section 1, no. 22, 48-53, 55 and 56.

Paragraph 3. § 1, no. 54, 66 and 67, enter into force on 1. January, 2009.

§ 3

The law does not apply to the Faroe Islands and Greenland, but can, in the case of Greenland, be implemented in full or in part to Greenland, with the deviations from which the special Greenland conditions are worded.

1) The law provides for the implementation of parts of Council Directive 2006 /43/EC of 17. May 2006 on statutory audits of annual accounts and consolidated accounts, amending Council Directive 78 /660/EEC and repealing Council Directive 84 /253/EEC (EU Official Journal of the European Official Journal of the European Union. In 157, page 87, and parts of Directive 2006 /46/EC of the European Parliament and of the Council June 2006 amending Council Directive 78 /660/EEC on the annual accounts of certain types of companies, 83 /349/EEC on consolidated accounts and others. (EU Official Journal no. L 224, page 1).